By now, you should already be familiar with the Internet of Things (IoT) – or at least heard of it. News articles, tradeshows, and analysts often talk about how IoT affects the present and how it will change the future. The IoT is projected to hit $8.9 trillion (yes, trillion!) in annual sales by 2020. New pricing schemes that leverage IoT’s data centricity poise societal buying shifts as big as the ones caused by the IoT itself.
Why is the Internet of Things so important? In general, the IoT promotes a heightened level of awareness about our world and a platform from which to monitor changing conditions and react to those changes. We live in a world where recurring revenue is becoming a dominant business model. In this age, these models will be a foundation for how people buy.
As the world gravitates to the Internet of Things it has become apparent that there is a natural fit between IoT–related services and recurring revenue business models. In order to be successful, you need to think a lot about the new age the IoT heralds. How can you make changes in your company so that you’re able to support recurring revenue while simultaneously monetizing the Internet of Things?
Start by downloading The Big Book of MoT™: Making the Most of the Monetization of Things for more on how to maximize and monetize the IoT, including:
- The Opportunities – from healthcare to B2B to automotive and everything in between, the sky’s the limit.
- The Challenges – tackling security and privacy concerns is priority for companies with IoT-based devices and services.
- The Trends – spot trends before anyone else so you can reap the benefits of being first to market.
With over 50 billion connected devices expected by 2020, the Internet of Things will be increasingly complicated. Getting it right from the onset will be imperative.
Download The Big Book of MoT™ today.